Citigroup Starts EMI Talks

U.S. banker Citigroup is quietly soliciting interested parties to discuss what parts of EMI they’d want and how rapidly they could close a deal, according to the New York Post.

Warner Music Group’s sale has been hogging all the headlines in the recent weeks, and Citi is keen to make sure it’s not left at the altar when it comes to selling EMI.

Among those reportedly in discussion with Citi are major music companies Universal and Sony, along with Ron Burkle’s Yucaipa Co., private-equity firm Apollo and Len Blavatnik’s Access Industries.

The Post speculated that Warner Music boss Edgar Bronfman will also be showing an interest, even if his own company is also on the block.

Warner Music is further down the line with the sales process and is waiting to hear how bidders will finance their plans.

The companies believed to be circling the U.S. music company include Tom Gores’ Platinum Equity, Permira, Sony and Access Industries.

Potential buyers of EMI or Warner will weigh up which is the better business.

Both are similarly valued around the $3 billion mark, with the publishing divisions likely to go for $1.8 billion.